Own Home Scheme Pros and Cons

nig0609

Playboy999 wrote: »

Do you know when the 3 months that places 4 people give you for the funding actually starts from? date of letter they send or when the mortgage offer is confirmed?

Phoned P4P today, you have 3 months to get mortgage sorted from when you receive letter confirming the funds are secured. This is then reset back to 3 months after Co-op give you the mortgage offer, so you have time to exchange/complete. HTH

Playboy999

nig0609 wrote: »

Phoned P4P today, you have 3 months to get mortgage sorted from when you receive letter confirming the funds are secured. This is then reset back to 3 months after Co-op give you the mortgage offer, so you have time to exchange/complete. HTH

Thanks for the reply - i was just panicking just in case things take a little longer! :j

James1

I have just found out that the funding has run out in the South West. I rang P4P and they said that unfortunately the funding has run out and that the governement have pulled the plug on the scheme for next year. Gutted!!!
I have just been on the parliment website and emailed Gordan Brown and John Healey the housing minister to tell them how i feel........

rosspwilliams

Funding also out in Essex.

Messi-Kris

Although I made the phone call at the beginning of June I rang last week and they say my registration date was 12th June and I have to wait 12-14 weeks... Hopefully funding doesnt run out in Coventry (Warwickshire)... Fingers crossed!!!

diddy_tong

Got a letter today saying funding has run out in the South West. We put an offer on a place about 3 weeks ago, but were outbid. Been looking since, but this puts a spanner in the works!

Oh well... renting it is then!

tressls

Anyone know how funding is in South Yorkshire? We have our telephone interview thingy next week but judging by peoples posts as the other half has only been in his new job a few weeks we may have to wait about 4 months to get a mortgage offer (if he even qualifies). What would happen? Any ideas?!

geoffky

if you cant afford it....you cant afford it.....simple really..about time the taxpayers stopped funding these schemes......party is over for the financially !!!!!!...

tressls

geoffky wrote: »

if you cant afford it....you cant afford it.....simple really..about time the taxpayers stopped funding these schemes......party is over for the financially !!!!!!...

Financially !!!!!!? What, because house prices are up, and a lot of people can't afford to rent etc and save for a 5% deposit or more?

And people have to be earning to get on these schemes.. therefore are taxpayers also.

Idiot.

themanbearpig

Why is it so hard to save a 5% deposit? So what if it takes 3 years?

The most sensible option to take in the current economic climate is to save as much as you can, and buy at the bottom of the market in 3-5 years. Not to buy into these stupid schemes which discourage financial prudence, and encourage people to get into debt over an overvalued asset. Remember mortgages are 25 year loans. By the end of the loan, you would have paid 2-3 times when you have agreed to pay for that property.
These sorts of schemes caused house prices to increase because people forgot the value of money, and were happy to pay more and more for the same thing because the government gave you the thumbs up.

If you want to protest about anything, protest about the poorly regulated rental market. Send letters to your MP and ask why the rental market in this country is so short term, ask why the land lords in this country can increase rents when ever they fell like it and by any amount.

If you are on a low wage you cant afford to build up savings to pay for a deposit for a house, you shouldn't be getting a mortgage, but you definitely shouldn't have to deal with our !!!! rental market and amateur land lords.